compliance date

CFPB issues final rule delaying compliance date of payday loan rule ability-to-repay provisions; August 19 compliance date for payment provisions remains unchanged

By Ballard CFS Group on June 10, 2019

Posted in CFPB Rulemaking, Payday Lending, Regulatory and Enforcement

The CFPB has issued a final rule delaying the compliance date for the ability-to-repay (ATR) provisions in its final payday/auto title/high-rate installment loan rule (Payday Rule) for 15 months, until November 19, 2020.

The Supplementary Information accompanying the final rule expressly states that the Bureau is not delaying the August 19, 2019 compliance date for the Payday Rule’s troublesome payment provisions. … Continue Reading